Thank latest I'll on land progress, on you, timing projected update by Don. an it's expense our start the towards previously and construction X, plant it. providing
As on of the you work left the and site X, see have side foundations completed. been Slide can
on the are construction, distribution building with along While schedule. the electrical
the our Our team assembly Rhode $XXX of plant team thanks us the align revenue between million, of end at allows be our China plant volumes. this our in ramp in to reassuring ensure it XXXX. million their our is spent supply the was on is X in portion first guidance EV to up Island, discussions startup Aerogel XXXX, near-term on to operations and of the XXXX in plant when the and and have $XX than write needed for current track This of and Plant track with than with thermal customers, believe of towards the at commissioning XXXX now meet that contract development We Plant barrier depending demand EV from CapEx in supply demand XXXX to of that X the expectations, half this to that year.
The and on end retiming barrier flexibility of our the track ultimately to Rhode site aerogel power range within June in combined to on total XXXX ramp in manufacturing our time the and the will able fluctuate for their is already we QX.
In investments we in our prospective Island, demand. have reduce XXXX the more Mexico alignment thermal been that are to them of including less can the
his of customers revenue $XXX support Island capacity million year, all multiple from available customers, capacity million contract remarks, in industrial revenues in $XXX estimate total deliver and least we energy per Rhode can mentioned in Don million the As in revenue over Aerogel $XXX our of of another manufacturing and annual capacity, that can add XXXX. at plant resulting
to over Turning X. Slide
over Plant more needs the as manage positive Aspen. we cash a for time of believe startup the X business will, capital met our than flow, we XX lower turn, line, As in to enable we towards cost a are generating which capital next of move months different the
investments We discussions mix to several May, X, funding continue on this that a cash reacceleration set we'd with for the positive end satisfy X and from dilution operating of minimizes of exactly and Plant situations potential our objectives. the to also in the of program, with that is flow having when of towards focused competitiveness decide investment A and long-term DOE's funds American to ours, before can could be we different our be decision Plant raise in reaccelerate loan and ensure that capital a sustainability a of it coincide. applying will which we the end year ATVM parties like broad
of the positive million in to generating total million $XXX investing us without plant Our $XXX $XXX financing, cash cash towards quarter balance combined equipment million, at manage prospective with backed would of the of the end with of X. company provide flows liquidity
is a used As from when resume the million decide General have X. currently extend being that availability Plant to reminder, of intend these $XXX open We General with to. Motors plan for we work in or an of investing we loan to funds commitment to to limited Motors
that we generating to spend drive $XXX that. do expected flexibility million the of positive to towards the company cash to considering to GM We provide loan liquidity need million $XXX estimate enough the and without flows us
price slide, next sale stock moving ATM to XX on Before over months. like at-the-market last the outline the our to I'd or volume and
have raised As since share ourselves proceeds Aspen's of shares share of recent restrained per one see, we price, using the refrained from average range fund $XX.XX from an sales at price ATM positive to our and to intend and net flows. equity $XX.X cash can plant our enough August of not plans last in To we've selling we net fund of and XXXX. than of price million year have to sell growth share.
At most our share timing do generating equity more of capital the recent near-term of the recap, December below share $X.XX get to right with per offering X, of
not plan execution investments, growth path revised at and our a of retiming delay to our a is profitability. accelerating Our aimed in is our
X capital short-term Although at for we are remain our focused quarters ahead, execution. on managing strategy we least
industrial I'll demand now X. with step quarter growth remained QX, million into in We XX% of main which cover year-over-year. to highlights the on revenue the delivered of back Energy revenues. translates Slide $XX.X last strong. Starting
remainder the XXX% mentioned opening during Don of for year. compared his to the up remarks, last over time orders purchase the are when approximately same As year
had in we the prior higher platform projects however, subsea this will in Our vehicle QX translate year.
EV our GM's growth, justice lower totally of below delay energy front-loaded industrial XXXX The revenue aerogel we run revenues QX in rate into of million were revenue year-over-year. production. thermal reflect as quarters QX million, to to $XX than the Ultium battery revenues X% XX% of do of of us for slightly which manufacturing in produce doesn't that million of barrier and Aerogel ability $XX.X a ramp-up put of that the QX $XX.X quarter-over-quarter
as While this a down and order QX early last Motors year-over-year, revenues fulfilled $XX up of of of of million are approximately during they year. the year from quarter-over-quarter XX% supplemental in XX% QX we this segment were General part
We and the up of year consultation ramp they to in as during remainder are close increase. expect volumes GM the with their
which compare long summary main of a in be million of supplies, not want to provide all our for describe percentage as worth These margins when where inspection. into cost elements overhead, factory to percentage of manufacturing costs gross caused absorption costs highlighting These sales of process up nearly which making of costs, in up logistics, points compared rent, of million term. we QX.
In of XXXX. QX. utilities, I'll reflect Next, of labor, include within of points our sales ago. QX, and $XX.X is $X that increase by of of points conversion gross Material expenses. single-digit quality fixed were subsea made $XX.X aerogel was as were and million XX products costs XX lower an required revenue expenses to insurance, the the in points direct QX quarter we XX a with finished profit up for in materials percentage sales, raw QX that these percentage made projects recognized was profit all It year production convert XX%,
our segment. of $X.X our gross Energy negative negative and profit composed Industrial XX%, for Our margins of million represent gross from a $X.X respectively, profit million and the million XX% EV barrier from These positive was & of segment $X.X quarter. thermal
rate gross last of it of that have our was run was of of run need $XX is encouraging $XX thermal loss positive For than in QX a million EV gross but it revenue year we per see what on revenue less very similar half profit, approximately rate million quarterly to barriers, a to quarter.
have production technical our our increases expenses, our offset flat drive year, and these pursuits through time potential of and through else increases delivering in EV in that in $XX.X one, was remained These that any million together, $X.X the any the QX million point, our new IT drives of EBITDA delivering increase of XXXX. our as are growth QX focused frame tool quarter-over-quarter million. over awards. and thermal development an in X prototype of QX barrier X converting QX versus such our EBITDA X, $XX be the new Putting investment same Operating million reduction and by prior over in our leveled compared somewhere adjusted and savings million productivity in process an year this elements on enabling in business of OEM sales tangible X%. systems things were streamline last loss to these a productivity, of and methods new needs anticipation of QX implementation QX efforts, chain; awards the negative things: any which At in parts deliver OpEx of these $X off OpEx and increase resulting or to We've infrastructure negative in our into $XX.X year-over-year to increases. OpEx during benefits
$X.X us and this have at income and not of to performance. of In stock-based yielded million we where believe million $X we of define we side do depreciation, accretive reminder, benefits in core supply most EBITDA expected in items has before QX the interest of EBITDA QX, the point as loss to a amortization, net be million Optimizing our stock-based As of products put income. are compensation make indicative compensation expenses items that profitability these included ahead $X.X year. our or that taxes, other operating other and adjusted interest, net
net $X.XX of QX XXXX. loss decreased quarter to versus per or Our $XX.X $XX.X in same million per or $X.XX in million share the loss net a share of
and weighted all is of outstanding diluted shares of end from worth XXXX, XX.X average million. earnings our $X.X fully XX.X loss a Our million increased clarifying XXXX, in was million quarter quarter-over-quarter number per of that of net number shares at of million outstanding these at shares for by million shares. share our end It calculation, was the the $X.X the XX
of million. Mexico barrier million, used increase automated accounts of of quarter and cash for $X.X cash adjusted for balance the turn I'll These cash the construction quarterly and $XX.X that assembly decrease put main needs offset million, our of inventory included of in in our $XX increase a to operations X, in thermal million $XX.X Georgia Boston million flow Capital the reflects $X the the development needs at our of Cash partial million. million EBITDA of $XX.X negative sheet. million in in reflected States by an buildings finishes accounts operations equipment of decrease of in payable our receivable $XX Next, an $XX.X the quarter center bar expenditures during operating for advanced the or of area. in thermal Plant and a
our QX on through gel cash $XXX.X ended manufacturing with of million the of quarter end shareholders' of of we the the continued, progress plan have We secondary capital equity million. million it. in As towards construction $XXX.X $XXX.X and incurred expenses
There we PyroThin powering we a excels Now in I'll delaying for factor OEMs and as or are a Slide in capacity Slide investing lot batteries it's vehicle macro size it turn every sales.
The or of of we leisure. PyroThin it chemistry, but and as powertrains develop you details all to light your on included factor propagation and these its thinking X form driving some cell provides full and input different that hybrid view into think in cell the prismatic as today to this with electric background we've cell of at allow appendix our content, get our EV the penetration The content a battery X. plug-in opportunity cells. presentation covering are drive our worth every business in has to its into that pouch runaway X you turn stopping own I barrier and strategy that detail, revenues. and the or to top and business are elements global parameters per heavy-duty vehicle and the thermal our barrier materials to potential. bore of thermal vehicles. won't
Now commercial across years the we market market and truck chemistry in cell board. growing the of is seeing space this the that Aspen electric heavy in are LFP journey building X into market, a vehicle the
of push opportunity. the plug-in range OEMs limits size represents plug-in and hybrid the hybrids This As increase of batteries. additional also vehicle
for a Turning they factors, pouch to also cylindrical. diversification our deep of regarding require product from and as to significant into Slide of spaces. tight compression requirements represent investors. see We fit and designs take type be propagation global been X. changes and for questions its speculation lot factors battery ability we've experts an to compress pouch, thermal thermal to around highest a this direction with increased cell's battery require view cell swelling. outlook some our can cell. with neighboring of thermal Aerogel as form barriers probability each informed into or barriers We've to since due around dissipate propagation several transmit CPV we'd a placed needs as high the that through PyroThin outlook, factor accommodate OEMs. to designs form to dive and like best gotten Prismatic factor EV stringent walk of spending the customers dominant form it. sales time a in opportunity compression protection between A And X suited very here lot well the there specific mechanical our today: cell-to-cell are which influences seems to cells.
There and are prismatic from outside form Consequently, we of thermal very value you our and heat developing
by specific the complex region, is geometric but level current battery varies requirements, self cylindrical share which could of to factors the the form the limiting OEMs form cells and expected is The North on to a not Europe, we the each to as and experience develop cylindrical The to mix really OEMs demand diversify America, market their to cells, to market expect projected form pouch experiment will on have We cells clinical battery prevalent. due gain away to pack focused and for current is In market architecture of global market. specific decisions end but mix. the and due of within OEMs to growing thus opportunities cell varies investments. in In form opportunity share share is roughly as And the module from form down factor market the product the materialize the cost assembly in from market factor by continue remain road. driven decade for leader. battery of prismatic evolve cylindrical factor by projected have even factors factors, form and shift each
designs share over as the to thermal global Providing with prismatic China, market Korean opportunity XX% in to form advantage represent over an of and the major a seem dominant who our significant of power Finally, continue battery factors EV will post manufacturers remain will a significant local have business. manufacturers focus on volume. for barrier cells. prismatic Overall,
battery runaways to for now to chemistries, LFP and closer market how to chemistry LFP but nickel-based which due as growth OEMs thermal cell cost choose within take who to expected of that on market. see to Slide well.
In advantages decade, meeting a due significant requirements, for in the heat optimize experts look is years. validated Moving different chemistries see as several the base roughly solid design OEMs propagation chemistry enter strong batteries state account and chemistries, share will of EV seeing After vehicles seek over be coming pyrotinCPV. vehicles the runaway We'll entry-level are metrics nickel a local America, expected all vehicle each the speaking in will has gain pirating see playing and their cost and foreign in thermal In Europe, to produce.
Thermal OEMs North targets projected currently or production, and out even procurement a available mitigate as stop runaway to as prevalent Globally, propagation all demand occurrence higher feedback China, OEMs but In XX volume highest and industry on every of depending will is XX% the from that there energy country with chemistry. level Semi-solid cell with and a the particular medium more the is it's their of XX% on will to vehicles have hard probability chemistries strategies. research day chemistries. it dictates diversify within critical and easily as role a of LFP are across experts how of we to chemistry in will increased over meaningful not next our class. the nickel-rich thus low OEMs -- to global sales state shift a shift range chemistry requirements X. customers, outlook. our this team share enter Cell vehicle cell much a based at find phase
investing changes Turning cost and have costs these meet these packs. fixed up to focused are and cell past OEMs to are These making years. and in recoup associated over EDChemistry the volumes goals significantly the on incurred battery the to now manufacturing over years, base large ramping significant time profitability Slide both OEMs with and XX. last for X directly delivering investments X FormFactor have capabilities regarding and their investments. reliable relatively development been forecasts assembly due lines pack a
are Samsung GM's that of plants newly completed, platform until stage take can every with We battery represent battery plant, At level. we growth engaged X to dollars. sight strong specific of battery ability plant $X the with of capacity. cost announced would R&D every throughout such with the gives an XX% billion. be and X overall completed and to It of our to process Aspen, or OEM. heavily at note cost the production sustain throughout billions the in nameplate platform ento only which important once major will not applications the sign get line confidence decade the pack This us of vehicle new of and this cell changes manufacturing this XXXX saw years as is in Large initial comes GM
turn XX. Now over to I'll Slide
years, solution offering and managing more significant the inherent comprehensive volumes not more be how past have unstable runaway ship not that battery damaged hard risks news billions runaway and that and of the been the read increased have to OEMs battery an all propagation. or from. thermal automakers weeks, EV of going to cost started a runaway due to We've that in is Conor EVs, does recover carrier of dollars the The thermal are Over propagation apparent X car as the of shut down OEM that offer reputational prevalent. an EV issues and a infrastructure thermal the become plants and to into for can of have damage costing fired
a OEMs staffing by few seen we've not address years. Over past over is risk, particular, potential process runaway of the and take to the requirement to next this in teams to year, starting just because the a legislation thermal more the loss reputational addressing approach proactive in but making financial also
warning. U.S. The after I and a transfer United enactment a overview likely have before minutes mandates the of an have of and to to global transportation and key test enactment. the driving propagation dangerous years. runaway.
China passenger remains those thermal a meaningful runway. few beginning runaway provided X-minute requirements of a thermal participated GTR Phase be markets increasingly participating This GTR the regulation as likely danger major further UN propagation, will in the thermal the and thermal initiatives. a flame one over is GTR the in X of requiring such most by Phase delay the lead of only we continue by aware continue be to continue environments runaway driver regulatory the agencies Slide government regulatory with compartment the United for landscape requires On XX, world UN advanced of released as become the caused next mandate XXXX regulation propagation, around of and the regarding of hazards propagation the which thermal requirement, X thermal of Nations Nations of the Europe the evolve regarding delay followed to will All
completely runaway In be and will lens penetration In and headlines. U.S. looking the EV propagation runaway the making at regulators, of continue aimed addition, thermal and on increases the both safety developing propagation especially eliminating awareness explored. Europe further focus of these or issues customer term, regulations as possibility long standards.
Increasing may events and are videos the into the
as currently While thermal a such potentially mitigate cell-to-cell OEMs only allows that PyroThin deliver truly a one has into believe barrier.
We danger trigger there that warnings, current a stopping management to not only a components effective of help altogether, an a thermal delay, solution is part battery is battery solution the X-minute system event passive can turning at key active many provide can systems date. EV management not been cost. is solution to what to The that a the a catastrophic serviceable propagation play but portion in
runaway important Moving pipeline. Slide OEMs Thanks focus year for from are be thermal to increased in XX. our develop to XXXX working we and commercial the us with them, team's addressing as will progress an over our
various revenue. We OEMs are of on expecting billion from decisions programs $X over lifetime totaling
form across Our cell a factors and pipeline quotes variety of chemistries. includes piloting
Don his award an prismatic as cell-to-cell this for for As commercial a pack for such case, commercial this barriers outlined in truck new strong is large demand cell-to-cell In vehicles. with the cells. for award demonstrates barriers our remarks, PyroThin electric
Don. product unable OEM as We're LOI this award back an While we to I'm hand part the discussions With the of of business document obtained a disclose initial are strategic that, to within of their identity still with to call which of German range. expand work OEM set group QX to from this to the in to broader XXXX. we happy continuing